can't -- john, here's one big thing. the jobs picture, sitting at 7.8% unemployment in the country, joan, and told by the economists it's not going to change. how do markets take off? >> it's really hard to have consumer spending grow as rapidly as it did in previous recoveries when you have four million fewer jobs today than you did in january 2008. you know, we saw some evidence of that with the december report on pending homes sales that fell more than 4%. record levels of affordability, the consumer remains cautious, and because of the still soft labor market, it's understandable. cheryl: consumer discretionary is what you caution against, but as far as sectors go, everything else, pretty much, you like, whether it's cyclicals, financial, or energy. at this point, you know, you like those groups? >> yeah, absolutely. there's a good point, the consumer is not really serging the way they have done in the past, and that's actually our point specifically here. renaissance -- cheryl: they are not working. >> absolutely, b